$0 DOWN MORTGAGES ARE BACK (Get Paid To Buy A Home)
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- Опубліковано 8 чер 2024
- Set up a trust in minutes! Enjoy the benefits and privacy of putting your property in a trust today - Thanks to www.GetDynasty.com/Graham/ for sponsoring today's video! Let's talk about the latest proposal to tax credits to home buyers / sellers, and the new down payment assistance being offered | Add me on Instagram: GPStephan
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The White House Buyer and Seller Proposal:
-The Mortgage Relief Credit
Congress was called to pass a mortgage relief credit “that would provide middle-class first-time homebuyers with an annual tax credit of $5,000 a year for two years. This is the equivalent of reducing the mortgage rate by more than 1.5 percentage points for two years on the median home, and will help more than 3.5 million middle-class families purchase their first home over the next two years.”
-Seller Relief Credit
In this case, sellers would receive a one-year tax credit of up to $10,000 to middle-class families who sell their starter home, defined as homes below the area median home price in the county, to another owner-occupant. This proposal is estimated to help nearly 3 million families.
-Down Payment Assistance
“The President continues to call on Congress to provide up to $25,000 in down payment assistance to first-generation homebuyers whose families haven’t benefited from the generational wealth building associated with homeownership. This proposal is estimated to help 400,000 families purchase their first home.”
-Lower Refinancing Costs
They'd like to introduce a pilot program that would waive “The requirement for lender’s title insurance on certain refinances. This would save thousands of homeowners up to $1500, and an average of $750, and the lower upfront fees will unlock substantial savings for homeowners as mortgage rates continue to fall and more homeowners are able to refinance.”
--Adding More Supply
Under this proposal, they would “pass legislation to build and renovate more than 2 million homes, which would close the housing supply gap and lower housing costs for renters and homeowners." In addition to that, there will be a $20 billion dollar fund for housing expansion (this would help “support the construction of affordable multifamily rental units; incentivize local actions to remove unnecessary barriers to housing development; pilot innovative models to increase the production of affordable and workforce rental housing; and spur the construction of new starter homes for middle-class families.")
-Drive Down Rent Prices
The first effort would ban corporate landlords who use algorithms to determine the highest rent they could generate, based on nearby properties that the algorithm also monitors. Landlords love it because it leaves emotion out of the mix - but others say that it aggregates competitor data for the greater profit of the owners - and, that’s very expensive for tenants.
The second would eliminate “junk fees” throughout the rental process, including “convenience fees” to pay rent online, and fees charged to sort mail or collect trash. They argue that “these fees are often more than the actual cost of providing the service, or are added onto rents to cover services that renters assume are included-or that they don’t even want.”
Let me know what you think of these initiatives, if you believe they'll pass, if they'll make a noticeable difference in the housing market, and if this might help. I'll be reading all the comments, so if you comment, I'll see it and do my best to respond (especially if you're actually reading this right now)
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Not sure why they can't wait to raise prices.... it will happen eventually. I need more time to buy!
Hilder is definitely the best so far. she always surprises me with amazing results.. We also plan to surprise her. You must have heard of it.
Hilder allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
Graham what are the rules for the trust as I was told if I placed a home that has a mortgage in a trust the bank can call the loan can you verify this please and thank you.
I'm NOT subscribed, but why is your video coming in my feed? Honestly, I don't like it.
10k credit on a home that is $300,000 overvalued. That sounds like a recipe for disaster.
I’m wanting more realistic insight also
Gotta bring the suckers into the market.
Hey, some one has to be holding the bag
With supply being low why wouldn’t home prices keep going up with more monetary relief!
“starts up osrs”
2008 called, they want their bad ideas back!
Housing always goes up! You know nothing!
@@pedro722462008 “crash” only went down on average home value 20-30%. If that happens today before home values return to normal rate of growth it would only be 2-3 years before they’re back to where they’re at now.
@@pedro72246The value of money always goes down.
This actually started in 2004, it went to hell in 2010. Bend over, here it comes again!
My reply was deleted about housing always going up…I said, The Value of the dollar keeps going down.
Let's get this straight.. the government printed loads of money in 2020 which was followed by rising cost of living and housing prices. Then they raised interest rates to "fight inflation" making it even more unaffordable to buy homes. Now they're proposing to give more handouts to home buyers taken from tax payers and additional money printing.
Brilliant, right?
All about control and buying votes to maintain control.
Exactly!
How do u think we got to this point in the first place.
I certainly hope this is not nationwide insanity and just in the state of Lala land California since all of his examples were there.
@JoeBiden
The government is trying to increase demand while not doing anything for supply which is baffling.
Biden is trying for reelection.
election year things
@@DogeMultiverse Yup. The objective is to look like they're solving problems while not actually solving any.
Higher property values = more tax revenue. It's never to help anyone but themselves.
@@sczr1186 - AKA politricks as usual.
As a single person in their mid 20s, owning a home without throwing myself into lifelong debt seems practically impossible. I've done what I was told: I did well in school and graduated with a STEM degree, but still graduated with $80k in debt. I have a good job and live well within my means, contribute to a roth IRA, paid off my car, make sizable payments towards my loan and very rarely go out. I've done everything I'm supposed to; so why does something like owning a home seem so far out of reach? Even if I save absolutely everything outside of required expenses, it'll take YEARS to save for a down payment on a home.
Move to a normal market
You have time my dear. Got my first house at 34. I am now 40 and only have 49k left to pay it off. Be patient
This is so real. As someone lucky to be able to afford buying a house right now at 30, it's only because I lived frugally with roommates for years to save to make it feasible with a decent paying job from a college degree. I'm was lucky to not have a large amount of loan debt from school that is paid off now. Even with all that, I feel like it's hard to find a decent home I can reasonably afford right now with a large down payment.
I have no idea how anyone who isn't debt free and doesn't have a good paying job could afford it on a single income, it's impossible. You either need a significant other or roommates to afford a house right now and even then it's probably rough...
If it makes you feel better I graduated with no debt and I live in an area that is not like insanely bad but its still near impossible to own a home.
Buy a home outside of the city.
If the average home is $400k, is it even a starter home? That 10k credit is a drop in the bucket...not enough to help.
You're lucky if that's the average price where you live. Where I live the average price is $995k 🥲
@@jaclynrachellec I wish that was the average in my area, but I'm glad it's not as high as your area! Ouch for buyers
80k down.... lmao.
Lmao
All OPM helps. And for those with avg sale prices (that's not value) over that...move. Lots of places where it's far, FAR lower
Property tax for residential land is insane to me.
you work your whole life to afford a down payment for a 20-30 year loan.
and even after you pay all that off you owe the state tens of thousands a year in perpetuity.
why do we put up with this?!?!?
Tens of thousands my property taxes here in pa are $1700 a year lol.
That’s Pennsylvania, but look up places like New Jersey or Oregon. The property taxes are absolutely insane.
@@ComplicatedLadyBlog in some cases if you cannot afford to stay it might be best to move or downsize. Everyone here wants the biggest houses and fancy cars. Then complains about the higher costs.
@galupproperties3098 except that there is litteraly no way to predict what property tax will be 30 years from now because it's an artificial cost imposed by the state
One day soon, this bubble of pure greed is going to burst. Sellers are being greedy (and have no other choice but to sell high) realtors are lying,and the gov doesn't care... life's gonna balance all of this out... watch.
2008 all over again. I was a Realtor back then and was blown away what the 0 money down was starting. We knew it was gonna get bad.
Here comes the rinse and repeat of 07/08!!!!
@@flynnmoneyexactly! Almost right on time as anticipated also
A $10k credit will just raise the value of the home by $10k. The only solution is building more affordable houses and apartments. There is too much focus on McMansions and Luxury apartments. Also there are so many damn luxury apartments that aren't even luxury, they just advertise as such and then increase their rent.
You basically made my interest in finance. My whole life probably changed just because of your videos. Feels great to be so financially ahead at 21.
Congratulations!!
Watching UA-camrs doesn’t make you financially sound. They’re humans just like us. Better pull up those charts and pick up those books and get to work.
@@RJTradess like I said, he made my interest in finance. Leading me to read hundreds of financial books and learn myself. Read.
@@RJTradess No, like I said he made my interest in finance. He sparked it, began it, made it. He did not make me financially literate I never said that.
@@zzzenx that’s great I’m happy for you. Don’t take offense to my statement I didn’t mean anything malicious by it. I’m speaking from experience.
"Man if we keep giving them handouts they won't be mad about the cost of everything!" - U.S. Gov
Lol
Who is “them” and handouts why do you people always behave like you are so honest and on top of it when your legacy is riddle with dishonesty handouts and stealing
@@ursulamoon9567 I was meaning "them" as the government giving handouts to the people of the United States without fixing any of the real problems. They print extra money to inflate the already volatile economy
As for my personal legacy, it is not riddled with handouts, dishonesty and stealing. I cannot change anything that has happened in the past, nor can I control what anyone does with their legacy. I can only control what I do and what my legacy looks like in the future so please don't group me in with a group of people who have done horrible things in the past based, on what I look like. I can respect your opinion, but you don't know me at all.
This won't fix the insurance issue. Remember, if you have a mortgage, you need home owner's insurance. Insurance is becoming unavailable and/or unaffordable, especially in states like California.
FL worse than CA right now for insurance
@@jimbojones9118 The video showed a number of CA locations, which is why I mentioned CA. Plus, I can't imagine wanting to live in FL - humidity, gigantic cockroaches, alligators and hurricanes. The beaches don't make up for those issues.
@@k9khodi363 Trust me they don't
@@k9khodi363 u get used to it lol
In VA, I have been denied by quite a few underwriters for a house I am buying. It's either because of trees, pool, being in Hampton Roads, etc. The trees aren't even in my yard!
Housing is insane. Where we live we make too much to qualify for any of these programs, but make no where near to purchase a home even with 20% down unless we want to be house poor.
That's the idea, they are making it so only people who definitely can't afford a house are the only people buying, they set the trap, they will pull the trigger after next election and liquidate everyone
Damn =(
@@HippieP629 yep, that’s life!
I’m a home builder in Florida and you are absolutely correct. There’s not enough profit in moderate to small houses for it to be worth the risk. And building houses is generally a high risk endeavor.
Everything is about money in relation to risk.
You’re spot on Graham, if home builders had less risk or more incentives we would build more starter homes.
Or less cost through deregulation
@@bryanupton9872 the problem with deregulation is the offering of the finger and the taking of the whole arm.
Could you expand on that please?
Yes, I’m not clear on how building a small home is a risk? Especially in Florida, with a major housing supply issue, it seems like you could easily sell the house. The risk would be on the bank making the mortgage loan to your buyer.
Even with such high house prices though?
Nothing brings down prices quite like pumping even more Monopoly money into a low supply market.
I’ve said over and over again that we need to teach basic economics in schools but we might actually need to begin with DC and our government officials
We DEFINITELY need to start with DC! They're experts at throwing away OUR money, but not much else. SMH.
You elected everyone in DC. Blame yourself. @@ChantillyWhite
@@pedro72246 I actually did not. But I blame the people who did.
Are u suggesting a purge?
I agree with your ending statement. You need to incentivize low income and starter housing of any kind. House, condo, apartments, tiny homes, whatever. But it has to make sense to the developers before they are willing to build it. You can’t ask a company to go out of business because you need more housing. Help them, they will build more. It’s that simple.
We don’t need more starter homes. There are already loads of tract homes builder grade everywhere and giving more incentives to build blight won’t fix anything. Building more premium housing and allowing people to move into that frees up all of the homes those people are already in. One of the things we need most is quality housing for gen x empty nesters to downsize into. Because there is no quality small housing for these empty nesters they stay in homes way too large for them.
This whitehouse is objectively insane. Screw politics, think rationally - this will obviously drive up asset costs rewarding those that already hold them further screwing the younger generation under the guise of "help". Lesson, whenever the government says they're helping, or a bill is worded as such, it is ALWAYS the opposite. 100% hit rate.
Kinda buying votes by courting young voters
2008 vibes. Here we come ladies and gentlemen.
Allllllmost but not quite!
I don't see it. But maybe
Too many safeguards in place compared to 2008
You could always rent out extra rooms to cover mortgage costs
1980s vibes. Not even close to 2008. Debt structure is not there
Idea: -> Building your own house can potentially make home ownership possible for some folks in certain locations and situations (of course it would be too expensive in big cities, however in some suburbs and rural areas it might work if you own or can buy land/lot). Something to consider and look into for some people. Many states do not require a contractor license to build your own home. A general contractor license is easy to get if needed. I know a dozen people who have built their own homes over the years. I built mine recently, acting as the contractor and doing a minor amount of the work. Saved a ton of money, plus didn’t have to finance that additional cost for xx years. No one is born knowing how to build a house; you just have to learn how to do it and figure it out (talk to builders, read books, watch videos). Just a thought.
I’ve thought this sounds great as well! A community of home makers but the issue is basically supplies I would think.
Literally the only option in this market.
Gosh but dealing with permits and each county has strict building codes - DO YOUR RESEARCH before buying random plots of land.
I wish it were this easy, the building is the easiest part and that says A LOT!
Great thought! I would totally look into this too, except I’m a female, and I’m not that strong. LOL 🤷🏻♀️
This is exactly what I’m doing. I bought land and researching barndominiums.
Lower down payments or even lower interest rates aren't the problem nowadays. The prices are just too damn high. I'm checking out property in Fort Lauderdale this week and I've seen a dozen properties today alone that were bought 1-2 years ago for something like $4M and the sellers are asking like $5.5M. In WHAT WORLD do you see appreciation like that? It doesn't make any sense.
Because people are greedy. People need to see houses as what they are.... a house.
Agree with the downpayment, but rates are killing us here in Colorado. Same thing, we see $250K houses selling for $800K+
I went to buy a ranch and realized the rate would mean I would be paying for the property 3.5 times once the mortgage was paid off. It's a $600k property on the market for nearly $2 million - there's no way I'm going to pay that!
Yep that’s FL. Properties are still going up in value, plenty of demand and little inventory.
You see appreciation like that in a world where presidents of both parties run immense deficits and the central bank keeps real interest rates negative or close to zero.
WA, Tacoma is horrible hilltop. I have five kids struggled paying rent being terminated on my lease because two hundred max late on rent for two br 2000$ no housing. For 18 yrs and still struggling no help plus divination w blacks with children. I'm not the only one from my area struggling and had similar story
i'm in CA in the Ventura area, combined my GF and i gross around 120k, we have enough for 20% down on any house we would like but with the average house between 650k-800k its not realistic for us to afford the mortgage. gotta love it.
buying a house seems like a Friggin trap right now... unless you get it for way under market.
all this will do it drive prices up in a market with no inventory.
Yeah, rents are generally just wayyyy cheaper
A federal bill gives you benefits only if your parents didn't own or messed up on their home?
Glad we're bringing back blood debt under a different name: a blood BENEFIT!
I know this is ridiculous just because parents are already in the market doesn't affect the fact that young people aren't so the parent owning is ridiculous.
Hey, I just wanted to say that I've been watching your videos since 2019. I had a crippling alcohol addiction and was living in poverty. I was in government housing, and I had to panhandle to pay for my alcohol. Now, I'm 15 months clean and looking for any type of work I can get. I want to buy an apartment building one day.
Congratulations on getting clean!! Keep up the great work. I have no doubt you can do it. If you haven’t already, “think and grow rich” and “the big book on rental property investing” are both totally worth the read!
ODAAT 🎉
Been there recently. It's an employee market so you'll definitely find something at least.
How about just buy a house 1st?
How much can you make panhandling?
Isnt it carzy how I am watching a video by a Grahan and he will be reading this comment in his own world while I'm writing it in my own. Maybe our lives will never cross again.
Hahah when you put it that way…🧐
What do you live on Mars or something?
He lives in the square root of the negative third dimension. The only reason we observed this is because you did.
😱😵💫🤯
It’s crazy that I’m writing this review from my own world, while you both see my comment from yours. Crazyyy 😮😂
Opportunity zones are a prime example of tax incentives for developers
None or these proposals will sniff the light of day.
I hope you're right
Graham - the solution you propose of carrying a current mortgage with you to a new property is called “porting” a mortgage. Apparently it’s common in other countries but virtually non-existent in the US. I learned about it because I tried to see if it would be an option for my family. That would solve my issue as we need to upgrade to a better area, but it’s hard to justify leaving a 2.8% interest rate.
I left a 2.25% and I miss it
If the fed gave me $1500 a month i still couldnt afford a house. This country is SCREWED.
In my area that wouldn't cover the cost of a 1bedroom apartment without a kitchen.
That would barely pay for a studio/1BR apartment in NJ.
Once automation ramps up you'll be kicked out of your rental so the robots can rest.
Lmaoo@@DLO0622
Man $1500 is two times my mortgage. I'd be living rich off the hog and the government would be paying for my house ha!
Back when I was buying a house throwing down 8k with a conventional mortgage was a zillion times easier than applying for an FHA type mortgage riddled with fees and terms after the fact. It made my bid on the house more competitive as well. They should be incentivizing more building of smaller single family homes like what habitat for humanity builds.
If I could carry my rate with me id move tomorrow.
Sooooo many people would!
Where I live - the government came and said, "we are here to help" they pay part of the interests for first time home buyers. That caused 20% raise in housing price but 20% drop in rental prices. As an owner of mortgage free rental units... I don't know if to laugh or cry. Thinking about selling them and have cash for few months.
And record high insurance rates
True!
Insuring record high, over priced houses is expensive? Gee, who would of thought? Literally anyone with a brain.
This is the best video I've seen on this topic. You put in the effort and it shows. Nailed it on the solutions, I've been racking my brain on what the fix would be for this problem. This makes so much sense to me.
the down payment assistance qualifications excluding you if your parents ever owned a house is insane to me.
what does it matter if my father owns his house? it's not my house, it's his. there's no saying I'm entitled to it one day, he's still alive and lives in it. why does it have any bearing on what I can do?
Right. My parents built their house in New Hampshire 24 years ago for $160,000. They have never left. Why does that have anything to do with me now when the average homes in my area are $600,000 while being fully financially INDEPENDENT from my family
I don’t like that limitation either, but if I had to guess, it is because families that own houses are more likely to help their children get their first house, like helping them out with a down payment for example, or maybe using the equity to pay for their childrens’ education, or to start a business. And families that own a house have a lot more equity/wealth/savings than families that have never owned a house, so for families that have never owned a home, and then they buy one, over time, it makes an exponentially impactful difference, and changes their trajectory of their family/generations in a good way, a way that might not be noticed or appreciated by some.
Basically all illegals will qualify for this assistance but anyone who comes from a stable family is shut out. This was done on purpose.
Real estate is just fkin INSANE right now. My dad sold his 57 acre ranch in Texas in 2017 for $347k, they just listed last weekend (03/20/24) and it’s at $1.8M. Doesn’t mean they’ll get it, but even if they took $1.4…. That’s just insane
Nice.
I work in the mortgage industry and I've felt for quite awhile that something needs to be done about title insurance costs. I know it's necessary but it's rare that you even need it and the cost seems to drastically outweigh the worth
10k credit is a major joke!!!
In 2024,don't set new year financial goals without consulting a financial adviser.there expertise ensure a solid plan for success.Building wealth involves developing good habits like regular putting money away in intervals for solid investments.
Thanks for the advice! I'm new to financial planning and wasn't sure where to start.Any tips on finding a reliable financial adviser or resource to guide beginners?
I agree, based on personal experience working with an investment advisor, I currently have $1m in a well-diversified portfolio, that has experienced exponential growth. It is not only about having money to invest in stocks but also you need to be knowledgeable, persistent, and have strong hands to back it up.
@@ElijahBenjamin-cl3qoHow can I participate in this?
I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
@@EllerieBardotMarie Ann Treloar
Liked, appreciate all the content you share with us.
Absolutely! Glad you like it!
the only problem with grahams solution is the government wont give up all that tax money because they spend to much
Great info as always don’t stop. This channel has to much added value. Tks Gram man
Interest rates are not high!
I completely agree. I refuse to sell my home because of my 2.25% rate. If I could rollover I’d sell this thing in a heartbeat and relocate
Pretty much the only people selling are those that are:
- Retiring and finding a cheaper house out of the city
- people who must for a new job
(Okay that didn’t need a list)
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Dude I left for a while and i come back to 4.6M subs. Congrats
Hope all is well for everyone! 😊❤
You too!
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You maybe forget to consider the 500k new rental units coming this year in Austin alone? Further added downward pressure!
The fee trash isn’t just with landlords. I have to pay a convenience fee to pay my property tax online.
We got $0 down and got all of our closing costs paid for in seller credits and got a 2k check in the mail. Our mortgage lender got us this by helping us buy in a specific zip code with certain demographics. We love it in our neighborhood!
History repeats itself 😅😅
Great vid, as usual!
Thanks!
Bought my house in 2015. 744 square feet with a large detached garage. 52k in price here in pa. My property taxes are $1700/year. Living decent.
Property taxes are way too high for a place that tiny.
Rents are NEVER going down.
Thanks for the info! I love learning about this kind of stuff.
100% agree I studied economics and gram thinks like one 👍
This mortgage credit is going to backfire.
Its only backfiring if increasing affordability was the actual intent, and not merely a pretext.
I agree with you 100% Graham. I have had these same proposals in my head as someone who also works in real estate and finance!
Keep up the great content!
Thanks!
If it's helpful to the average American citizen, then it will never be put into effect.
Smashed the like button 😤
Thanks!!
Thank you for informing us Graham!
Sure thing!
Graham is speaking the truth here. I like how he does a deep dive on how it plays out. More often than not most people fall for the headline and marketing without truly understanding the devil in the details.
Whenever high prices in housing, health care, etc are subsidized by the Government, prices go up more.
Nice try but really the over pricing of everything needs to be capped/slowed.
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Do you mind sharing info on the adviser who assisted you?
My advisor is “Vivian Carol Gioia”
Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start 2024 on a woodnote financially.
Keep it up graham !!!
Here in Canada they are also trying to swindle us. Oh here is 60 k for your down payment and you can pay us back once you sell your house. Again raising the price cause now all of a sudden people have additional 60 k to add to their purchase price. Yey
I just bought a new house, but was sold to me lower than what they paid in 2008. Needs work, but a lot of room for equity. You can wait out rates, you can't wait out a good deal. Lower rates, higher competition. 👌
How is anyone going to be able to afford the payment with zero down, let alone the homes are over priced.
All this will do allow these big corporations to make big profits selling these over priced homes, they will not sustain any losses, instead of homes going down!
All the measure is to help the rich landlord and corporation who buy up 10000 homes to deny other poor from living.
There is not enough housing period. A mixture of shortage of home builders, long processes in city and state regulations, and the low interests price explosion in 2020-2021. Im glad I sold my home for a profit and then turned around and purchased a bigger one in a better neighborhood.
I think a huge issue with the lack of housing is big investment companies quite literally attacking certain markets and forcing people to rent because they own so many houses in that market
this could be really nice for us, me and my wife got a starter home and are wanting to move in the next five years. we don't feel comfortable starting a family in the neighborhood we are in now, to many homeless and other factors are always around. If this passes it would make affording the change so much easier.
There is plenty of housing inventory. The issue is no one wants it. Gary, Indiana has plenty of property available for cheap, but it would just attract crime because no one wants to build a safe community, they want one that already exists and they can complain about the cost of those areas.
You just fix or rebuild the broken houses and build a community.
The initial act of buying a home sucks but to own property is a blessing
I love your solutions and I agree hundred percent that people will start buying and selling homes again and the market will become healthy again, but the cronies and government colluding with the banks will never let something like that happen. That’s too much help for the American people and they can give a damn about our benefit.
Great solutions!
My husband and I are struggling to find our first house because it's so unaffordable where we live. We just got married in October. We wanted to move out by this summer as our lease is up in June, but at this rate, we're probably going to be in our apartment for a 5th year 😭
Renting seems to be the overall cheaper option right now for most places!
@GrahamStephan It's sad, and we make at least $150k a year combined. Even when we do renew, it'll go up again. There's never a good option. Thanks for always being so realistic about the market and and how it's almost unaffordable for millenials and first-time home buyers.
LAW 40 of 48: DESPISE THE FREE LUNCH. Anything offered for free is dangerous. It usually involves either a trick or a hidden obligation.
You described every plan the administration has drawn up to forgive student loan debt lol.
Yep. Kept me out of trouble this whole time. Just do research and understand what you’re getting into. INCLUDING THE HIDDEN COSTS. You think these companies want to give stuff away just to give it away? Wake up people!
totally agree with your solution
Let’s hope someone listens who can make it happen!
I am about a minute into your video and this feels like what led to 2008 but I’ll listen to the rest now.
Rates will go down. And there are many lenders offering no lender cost refinancing.
Also buyers can assume the rate on government loans if the seller has a government loan. I'm a realtor in AZ if anyone wants help! 18 years prior mortgage lending experience under my belt!
@zildian1983 You can assume the rates but the challenge seems to be that sellers want the buyers to take out a 2nd loan or pay cash to pay the difference between their loan balance and the asking price. The amounts I've seen so far make it impossible to do those deals unless you have 30-50% cash.
I don't know who are the lower life-forms; used car salesmen or realtors.
@willski52 elaborate as to why realtors are lower life-forms 🤣🤔
Graham (and others) miss some key points. The $10k tax credit for home owners selling starter homes would be beneficial because the issue IS the starter homes. There are far more homes on the market as well as homes being built right now that are more expensive. Offering $10k incentive will unlock many thousands of starter homes from people who are already considering moving up. If you own the house and there is far less of a supply issue for the larger homes, then the interest rate isn't a concern and the extra $10k incentive (not to mention ability to sell quickly and at a good price due to the $10k buyer tax credit) will absolutely be enough to push many thousands into selling those starter homes - which again are the main issue right now.
Your discussion on the potential consequences of government interventions in the housing market was eye-opening. It reminded me of the importance of critically evaluating proposed policies and considering their broader implications.
Nice vid graham 👍
😆 🤣 I already have 0 down it's called a VA loan..
Touché
@GrahamStephan I get helping people but, help your country the military is literally giving tossing money at people. Just sad... how the government is going to hurt the economy.
Yeah but that applies to 0.5% of Americans, sadly
@@sony2menu you can always join. Otherwise shhhh
@@irrelevantjoker37 i did. I am.
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Now that the corporations and hedge funds bought up the majority of the residential market, now drop interest rates so that can all transfer money from you the the corrupt. Best advise for the near future only build new and let the old junk rot!
Thank you and yes I agree with you. All of those changes should be made immediately, it would change lives.
Graham, i would love to watch a video on you talking about protections of a Irrevocable Trust, and how to even set one up!
Bring back mortgage assumption. Banks can make money on transfer fees and buyer can assume the sellers low rate mortgage.
Insurance companies are cutting NEW buyers off on new ins to cover losses of a home. NO WAY buying a 1st time home.
All the “convenience” fees should be illegal in bill pay. If I don’t use this specific service to pay my bill a lot of times there are no other options available especially with rent!! This country is so blind corrupt and incompetent
I love the "Take the mortgage with you" approach! What creative thinking.
I want to buy a home. But I’m a single dude, and even if I get married in the next year or two (not happening) I won’t need more than a 1-2 bedroom, 1.5 bath house for several years. But all the houses of that size are incredibly old and rundown, but still over $100k in most of the country. It is cheaper to rent a higher quality apartment of the same size, instead of buying a home
Great ideas at the end Graham .
I'm in the process of buying a starter home and this is both music to my ears and incredibly concerning with the state of the housing market and where it's going. Thanks for the vid graham
Great info Graham 👍
Very good suggestions
Thanks for the vid
Great video very informative.
Glad it was helpful!